On November 5, 2019, the U.S. Securities and Exchange Commission proposed new rules that would weaken investors’ abilities to communicate with company boards and fellow investors through the shareholder resolution process—a tool that CBIS has found to be critical to address issues like corporate corruption, CEO pay, climate change and human rights abuses over the last four decades. The Commission also proposed rules that day that would significantly impact the independence of proxy voting advisors—third parties that firms like CBIS hire for their expertise and views on various corporate issues up for a vote on proxy voting ballots each year. CBIS will be submitting comments to the SEC during the 60-day comment period, and we encourage our investors, subadvisors and business partners to do the same.